The New Straits Times

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from January 01, 2004
Last Document: August 22, 2014

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The New Straits Times, August 22, 2014

News

Overcoming Gst Challenges

KUALA LUMPUR: EVEN as property developers struggle to regain traction and cope with the rising cost of construction, they now have to deal with the six per cent Goods and Services Tax (GST). GST, a multi-stage consumption tax that will come into effect on April 1 next year, will replace the government sales and service taxes (SST) of 10 and six per cent, respectively.

Poslaju to Automate Sorting

KUALA LUMPUR: POSLAJU, a package delivery service provider, has hired LG CNS, an LG Group company to build Malaysia's first automatic logistics processing centre based on the latter's logistics processing solution. In a statement, LG CNS said it will begin establishing the automatic package sorting system for the integrated parcel centre (IPC) for PosLaju, a wholly-owned subsidiary of Pos Malaysia Bhd, which was recently transformed into a private entity.

Cimb, Ais to Develop Mobile Banking Solutions

KUALA LUMPUR: CIMB Thai Bank PCL and and Advance Info Service PCL (AIS) have teamed up to develop a suite of new banking solutions on mobile phones, named "Beat Banking," to cater to the latter's 42.9 million customers. Both parties signed a memorandum of understanding (MoU) yesterday, which marks Thailand's first business alliance between a bank and a mobile service operator.

Real Interest Rate Was in Positive Territory Last Month

KUALA LUMPUR: Real interest rate has reverted to positive territory in July after registering seven consecutive months of negative real interest rate. This follows the Consumer Price Index (CPI) reading which clocked 3.2 per cent year-on-year, below the Overnight Policy Rate (OPR) of 3.25 per cent.

Ecoworld Posts Lower Profit

SHAH ALAM: Eco World Development Group Bhd (EcoWorld) recorded a profit-before-tax of RM7.7 million on the back of RM76.7 million revenue for the nine months ended June 30 2014. The lower revenue and profit this year is due to the completion of its Saujana Glenmarie project in the Klang Valley and reduced launches at its Kota Masai project in Iskandar Malaysia, it said yesterday.

Petronas Says Murphy Selling Local Assets

KUALA LUMPUR: Petroliam Nasional Bhd (Petronas) has confirmed that United States-based Murphy Oil Corp is planning to sell its hydrocarbon assets in Malaysia. Stressing that the process is in progress, Petronas has remained tight-lipped over the proposed plan to prevent speculation that may jeopardise the deal.

Ioi Corp Upbeat On Betapol

JOHOR BARU: IOI Corp Bhd is upbeat on the prospects of its palm oil-derived nutritional additive Betapol, which is increasingly being used to fortify infant milk powder globally, especially in China. "Breast is best but don't be sad if you can't. Uncle Lee can help," said its chairman Tan Sri Lee Shin Cheng in reassuring new mothers who are unable to breastfeed.

Ammb Banks On Organic Growth

KUALA LUMPUR: AMMB Holdings Bhd is confident of sustaining its organic growth, but has not ruled out the possibility of new business acquisitions in the future, said group managing director Ashok Ramamurthy. He said the idea of mergers and acquisitions (M&A) to boost the group's competitiveness is not foremost in its plans at the moment.

Zenith Plans Waterfront Project On Reclaimed Land

GEORGE TOWN: Consortium Zenith BUCG Sdn Bhd is planning a waterfront development on the 44.5ha reclaimed land it is getting from the Penang government in exchange for building a RM6.3 billion undersea tunnel and three bypasses. Chairman Datuk Zarul Ahmad Mohd Zulkifli said yesterday he is not only going to build condominiums but also "something for the benefit of Penangites".

Sdb Working On Rm400m Niche Property Projects

KUALA LUMPUR: Property developer Selangor Dredging Bhd (SDB) is working on niche property developments with a combined gross development value (GDV) of more than RM400 million. The developments slated for launch are superlink homes in JIA@Melawati and SqWhere@Sungai Buloh, a serviced apartment block that is part of a larger commercial development located opposite the Kampung Baru Sungai Buloh MRT station.

Ensuring Quality Workforce in Islamic Finance

KUALA LUMPUR: ISLAMIC financial institutions have been urged to secure talents with innovative mindsets, as early as the students' admission into unversities, so that quality talents can be developed to support new growth areas in the sector. In making the call, Bank Negara Malaysia deputy governor Datuk Muhammad Ibrahim said the ability to produce the right kind of talent will be the key determinant in charting the future of Islamic finance.

Maybank Keeps `Hold' Call On Gas Malaysia

MAYBANK Research is maintaining its "hold" call on Gas Malaysia Bhd, with unchanged target price of RM3.80. It said Gas Malaysia's first half 2014 (H1 14) net profit was at 50 per cent of its full-year forecast and 47 per cent of consensus.

Acccim: There's Room to Ease Cooling Measures

KUALA LUMPUR: With various stringent measures currently in place, developers will have greater competition in terms of product offerings and pricing, said See Hoy Chan Holdings director Tan Sri Teo Chiang Kok. Teo, who is also Associated Chinese Chambers of Commerce and Industry of Malaysia (ACCCIM) chairman of construction, property and infrastructure committee and deputy secretary-general, said developers will need to be more creative and make adjustments accordingly to attract buyers.

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